I guess that one of the issues would be if it was cheaper or not. Id imagine it takes alot of fuel to hover for a while. Perhaps it would be good with a balloon which could reach an atitude and hold it there without popping?

For what purpose? A craft at orbital alitude but not velocity wouldn't be able to rendevous with a craft moving at orbital velocity.

There doesn't seem to be much point. However, if you have a high efficiency drive that can keep you at that altitude, you can use another drive system for gaining horizontal velocity, without any drag.

Whatever it is you are transfering from the non orbital space craft, to the orbital one must reach orbital velocity anyway... if it is expected to make the transfer in one piece. Orbital craft are doing like 5 times the speed of a bullet. Even if your craft only got up to say 4 times the speed of a bullet the oncoming craft is still going (relatively) as fast as a regular speed bullet... so you might be able to save fuel and just go 4 times the speed of a bullet, then fire a gun along side the other craft as it passed by you... but then you could only transfer bullet sized objects and they would have to be able to survive being fired from a gun.

The vehicle I have in mind wouldn't move relatively to the ground but just hover above a certain point - like the skycrane desigbed to land the MSL on Mars. The vehicle I have in mind simply wouldn't hover a few meters above that point but kilometers.